Why do you want a custom domain name?
The number one reason to get one is to get more traffic to your site.
If your site address is more memorable, it will be visited more often.
Domain names also offer credibility, especially to business.
Because they are unique, if someone wanted to use your domain name, they would have to pay you for the right to purchase it. Many domain name entrepreneurs are solely in the business of purchasing possibly wanted domain name with the intent that someone will pay big bucks to use it. They will "park" the domain name.
GoDaddy revolutionized the domain name industry. GoDaddy.com is the world's largest domain name registrar. Founded by Bob Parsons in 1997, The Go Daddy Group has grown to include more than 28.4 million domains under management.
As an ICANN-accredited domain registrar, Go Daddy has more names under management than any other registrar, offers products at prices up to 70% less than the competition and supports them all with world-class 24/7 live customer service.
What can you do with a domain name?
Sell it. Domains can be an investment. If you have registered a domain that you are not using, maybe someone else can. See your domain company for more information.
Protect your brand online. Prevent others from registering a similar domain to yours—just to steal away your customers and visitors. You may want to get your domain name in .org, .biz etc just to forward them to your main site.
Hold on to it. You can decide what to do with it whenever you want to.